President Donald Trump told the room he wants Kevin Warsh ?totally independent? as he swore him in as Federal Reserve chairman Friday, then spent the next hour arguing the economy can boom without inflation. The price data has other ideas.
Newly Sworn-In Fed Chair Kevin Warsh was sworn in, saying that he intends to be reform-oriented and abandoning old models that were not serving the Fed's mission. Fed Governor Christopher Waller suggested that the Fed's policy rate could remain on hold for some time, indicating that the risks are tilting back toward inflation.
The University of Michigan consumer sentiment index for May was revised lower to a record low 44.8 from the preliminary estimate of 48.2 and was well below April's reading of 49.8. Michigan said that inflation expectations increased in May, lifting cost-of-living concerns. The Kansas City Fed's services index rose to 10 in May from 3 in April.
Kevin Warsh took charge of the Federal Reserve on Friday, replacing former Chair Jerome Powell amid growing signs of division at the central bank as inflation heats up. Warsh, who served as a governor on the Fed's board from 2006 to 2011, is US President Donald Trump's pick to lead the institution.
Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index increasing 0.3% and the State Street Financial Select Sector SPDR ETF adding 0.7%. The Philadelphia Housing Index was down 0.2%, and the State Street Real Estate Select Sector SPDR ETF was up 0.1%. Bitcoin was declining 0.9% to $76,888, and the yield for 10-year US Treasuries was down 1.4 basis points at ...
The S&P 500 has spent much of the past year defying gravity. But according to exclusive comments shared by WisdomTree's Kevin Flanagan, one number may matter more than any other in the months ahead: 5% ? the level on 10?year Treasury yields that could send tremors through the stock market.
Kevin Warsh was sworn in as chair of the US Federal Reserve in a ceremony at the White House, multiple media outlets reported Friday. Warsh returns to the Fed after serving as a board member from 2006 to 2011, according to the reports.
AM Best has assigned a Financial Strength Rating of A and a Long-Term Issuer Credit Rating of ?a+? to Desjardins Financial Security Life Assurance Company. The ratings reflect DFS? balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
* US stocks higher in late morning. * European stocks also higher. * Dollar holds near six-week high. By Caroline Valetkevitch and Stefano Rebaudo. Major stock indexes rose and Treasury yields eased on Friday as investors weighed the likelihood of a near-term deal to end the U.S. and Israeli war on Iran. Oil prices gained as much uncertainty surrounding the Iran talks remained.
US consumer sentiment declined to a fresh record low in May as people fear that high gasoline prices could erode their purchasing power, University of Michigan said Friday. The main sentiment index tumbled 10% to 44.8 from last month.
* Warsh pledges to lead 'reform-oriented' Fed. * Trump promises 'full support' of administration. * Warsh facing pressure from markets, colleagues, over rate decisions. * Fed's Waller ready to axe 'easing bias' By Howard Schneider.
* FTSE 100 up 0.22%, FTSE 250 rises 0.96% * Data prompts traders to reassess rate hike bets. * Political uncertainty remains in focus. UK's blue-chip FTSE 100 index ended a four-week losing streak after data released this week weakened expectations of a Bank of England rate hike, giving relief to investors unsettled by political uncertainty.
U.S. President Donald Trump said on Friday at a swearing-in ceremony for Kevin Warsh that increases in the stock market mean investors like the incoming Fed Chair.
U.S. President Donald Trump on Friday said that he wanted incoming Fed Chair Kevin Warsh to be "totally independent" in his new role. "Don't look at me, don't look at anybody, just do your own thing and do a great job," Trump said at a swearing-in ceremony at the White House.
European stock markets closed higher Friday as the Stoxx Europe 600 rose 0.7%, Germany's DAX 40 climbed 1.2%, the FTSE 100 gained 0.2%, and France's CAC 40 and the Swiss Market Index each advanced 0.4%. Semiconductor stocks rallied on the continent as Infineon rose 8% in Frankfurt, STMicroelectronics gained 4.7% in Paris, and ASML increased 4.5% in Amsterdam.
* PC makers Dell, HP surge after Lenovo (LNVGF) reports revenue jump. * Est?e Lauder climbs after ending merger talks with Puig. * Kevin Warsh to be sworn in as Fed chair later in the day. * S&P 500 eyes eighth weekly gain, best streak since December 2023. * Indexes up: Dow 0.82%, S&P 500 0.65%, Nasdaq 0.67% By Shashwat Chauhan and Medha Singh.
National Bank of Canada on Friday reiterated its outperform rating on the shares of Osisko Development (OSDVF) with a C$8.00 price target as it came off restriction after the miner priced a US$275.0 million notes offering.
* Gold falls 1% * US consumer sentiment plunges to record low. By Ishaan Arora. Gold fell on Friday and was headed for its second straight weekly loss, pulled lower by a stronger dollar and rising oil prices that kept inflation concerns in focus and increased bets for a U.S. interest rate hike. Spot gold was down 0.9% at $4,502.59 per ounce, by 1457 GMT, after falling 1% earlier in the session.
U.S. Federal Reserve Governor Christopher Waller said it would be "crazy" for the Fed to contemplate rate cuts in the near future, with inflation stuck above target and the job market seeming more stable than it did earlier in the year. "It's just kind of crazy to say you could start talking about rate cuts in the near future," Waller said.
Amex Exploration (AMXEF) is now off restriction at National Bank of Canada after the company closed a C$59 million private placement, the bank said Thursday. The bank gave Amex an outperform rating and C$6.50 price target.
U.S. consumer sentiment fell to a record low in May as surging gasoline prices linked to the Iran war intensified affordability concerns, highlighting broader dissatisfaction with President Donald Trump's handling of the economy. The University of Michigan's Surveys of Consumers on Friday showed sentiment among Republicans and Independents dropped to the lowest level of Trump's second term.
Federal Reserve Governor Christopher Waller, an influential voice in policymaking who until recently had advocated for lower interest rates, on Friday said the Fed should axe the "easing bias" from its policy statement and effectively open the door to a possible rate hike.
State-level data released by the Bureau of Labor Statistics Friday showed the unemployment rate fell in three states in April, rose in two and held steady elsewhere. The largest unemployment rate decline was in Ohio, where it fell by 0.2 percentage point, while the unemployment rate rose by 0.2 percentage point in Connecticut.
The University of Michigan consumer sentiment index was revised downward Friday to a reading of 44.8 for May from 48.2 in the preliminary estimate, compared with expectation for no revision in a survey compiled by Bloomberg. That was a decrease from the final reading of 49.8 in April.
NEW YORK, May 22, 2026 The Conference Board Leading Economic Index? for the US rose slightly by 0.1% in April 2026 to 97.4, following a 0.6% decline in March.
* UBS Global Wealth lifts S&P 500 2026 target to 7,900 from 7,500 pts. * Est?e Lauder jumps after ending merger talks with Puig. * Kevin Warsh to be sworn in as Fed chair later in the day. * Indexes up: Dow 0.6%, S&P 500 0.7%, Nasdaq 0.7% By Shashwat Chauhan and Medha Singh.
Inflation may be grabbing the headlines, but some bond investors are already looking beyond the next Consumer Price Index report. A less-discussed risk is beginning to emerge in the Treasury market: supply.
Statistics Canada's flash estimate pointed to an increase of 0.6% in retail sales for April, which in light of a 0.7% rise in goods prices over the month implies that volumes fell slightly, noted Oskar Stone over at Desjardins following the release of the latest retail sales data.
* U.S. dollar holds near six-week high. * CME FedWatch predicts 58% chance of at least one U.S. rate hike this year. * Trump to swear in Warsh as Fed chair later in the day. * Price volatility subdues Indian demand. By Ishaan Arora.
The inflation effect was expected in March and is going to carry through to April with the CPI showing goods prices rising a cumulative 1.8% through these two months, noted TD Economics following the release of the latest Canadian retail sales data. "The sinking volumes figures suggest consumers are already cutting back, as higher energy prices eat into budgets," the bank said.
Gold prices eased early Friday, remaining rangebound as the dollar and yields steady. Gold for June delivery was last seen down $15.10 to US$4,527.40 per ounce. The price of the metal has traded within a tight US$200 range for the past month, sticking above US$4,500 despite fears of rising interest rates as inflation surges with the war on Iran hiking energy costs.
US equity futures were higher pre-bell Friday as traders mulled easing bond yields and monitored developments in the Middle East peace negotiations. Dow Jones Industrial Average futures were 0.6% higher, S&P 500 futures were up 0.4%, and Nasdaq futures were 0.4% higher. Treasury yields declined after a spike earlier in the week.
Mexican consumer prices fell 0.16% in the first half of May, national statistics agency INEGI said on Friday, broadly in line with expectations of a 0.15% drop in a Reuters poll of economists. * Annual inflation 4.11%, after 4.53% last month, vs economists' expectations of 4.13% * Analysts had said seasonal electricity subsidies in some states would drive prices down.
Kevin Warsh has been a sharp critic of the Federal Reserve for the last 15 years, ever since leaving his job there as a governor in 2011. INFLATION IS A 'CHOICE' "Congress tasked the Fed with the mission to ensure price stability, without excuse or equivocation, argument or anguish," Warsh said in his written testimony for his confirmation hearing last month.
* Warsh lays inflation overshoot at Fed's feet, rejects supply chain explanations. * He opposes forward guidance, favors less communication on policy intentions. * Warsh urges balance sheet reduction, questions reliance on precise economic data. Kevin Warsh has been a sharp critic of the Federal Reserve for the last 15 years, ever since leaving his job there as a governor in 2011.
The US dollar rose against its major trading partners early Friday ahead of the release of the final University of Michigan consumer sentiment reading for May, state-level unemployment data for April, and leading indicators data for April, all at 10:00 am ET.
US equity futures were marginally higher pre-bell Friday as traders observed bond yields easing and continued to monitor developments in the Middle East peace negotiations. Dow Jones Industrial Average futures were 0.3% higher, S&P 500 futures were up 0.1%, and Nasdaq futures were 0.1% higher. Treasury yields declined after a spike earlier in the week.
UK's blue-chip FTSE 100 index was on course to end a four-week losing streak after data released this week weakened expectations of a Bank of England rate hike, giving relief to investors unsettled by political uncertainty.
* UBS Global Wealth Management lifts S&P 500 2026 target to 7,900 from 7,500 pts. * Est?e Lauder jumps after ending merger talks with Puig. * Kevin Warsh to be sworn in as Federal Reserve chair later in the day. * Futures up: Dow 0.2%, S&P 500 0.1%, Nasdaq 0.1% By Shashwat Chauhan.
BJ?s Wholesale Club today announced that Fitch Ratings has assigned a first-time Long Term Issuer Default Rating of ?BBB? to the company. "Fitch?s investment-grade ratings reflect BJ?s continued growth and commitment to financial discipline,? said Laura Felice, Chief Financial Officer, BJ?s Wholesale Club.
Kevin Warsh was sworn in as chair of the U.S. Federal Reserve on Friday at a pivotal moment for an American economy where surging gasoline prices due to the Iran war are pushing up inflation and eroding consumer sentiment, potent ingredients for a policy dilemma with political implications.
* Warsh set for Friday morning swearing in at White House. * AI boom and external shocks complicate inflation outlook for Fed. * Warsh facing pressure from markets, colleagues, over rate decisions. * Fed's Waller, a key voice, updates views today. By Howard Schneider.
* PCE inflation gauge due on Thursday. * Salesforce (CRM), Costco, Best Buy (BBY) among reports due as robust Q1 comes to end. * Bond market selloff in view as Treasury yields hit milestones. By Lewis Krauskopf.
Societe Generale in its early Friday economic news summary pointed out: -- Risk tone positive, Brent closed below 50dma on Thursday. -- Japan headline consumer price index slows to 1.4% year over year in April. -- Day ahead: Federal Reserve speaker Waller. -- Nikkei +2.7%, EUR 10-year IRS -2.5bps at 3.10%, Brent crude +2.3% at US$104.9/barrel, Gold +0.15% at US$4,525/oz.
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.
Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.
Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
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